JLL simultaneously arranged a $65.8 million preferred equity investment from Pensam.
JLL Capital Markets closed the sale and secured the equity for the 793-unit Modera Academical Village.
The portfolio consists of three waterfront sites, totaling 1.36 acres, each with site plan approval already in-place for the development of a luxury mid-rise condominium with high-end amenities.
The Richman Group of Companies acquired the asset with plans to develop 396 multi-housing units within a single mid-rise building including structured parking.
The site is zoned for a variety of uses, including but not limited to, residential, office, retail and seniors housing.
JLL worked on behalf the seller, Iron River Management on behalf of CF Partners Ltd., to complete the sale to the buyer, Keasbey, NJ-based Landmark Companies.
The site is poised to be home to a world-class mixed-use development featuring retail, hotel, residential, office and/or marina uses. CLICK ON THE HEADLINE FOR MORE
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